Michael Bloomberg: Former New York City mayor confirms he is not running for president

'I am clear-eyed about the difficulty of winning the Democratic nomination'

Former New York City mayor Michael Bloomberg has said he will not run for the presidency in 2020 – a decision that could make it more likely fellow septuagenarian Joe Biden will do so.

With the number of declared Democratic candidates having already passed a dozen, and with several other serious contenders still pondering their move, the 77-year-old billionaire decided he did not need to add to the list.

“I know we can do better as a country. And I believe I would defeat Donald Trump in a general election,” he wrote in an article for Bloomberg News, which he owns.

“But I am clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field.”

Among those who has not yet made a decision is 76-year-old former vice president, Mr Biden. Most believe it likely he will declare he is running, and Mr Bloomberg’s absence from the centre-right of the field would make more space for him among a tight pack.

Mr Bloomberg, who is said to be worth $51.8bn and is the eleventh richest person in the world, served three terms as mayor of the US’s largest city. He ran as a Republican, despite having long been a registered Democrat and has a moderate, albeit pro-business stance, on many issues.

There has been constant speculation he would make a run for the White House, most recently in 2016. In that cycle, he decided not to run and instead supported Hillary Clinton.

Ahead of the 2020 race, Mr Bloomberg spent large sums investigating what chances he had of defeating Donald Trump and visited key states, such as New Hampshire.

He was also critical of fellow billionaire Howard Schultz, the former Starbucks CEO, who is considering running as an independent candidate. Mr Bloomberg said any third-party candidate would make it easier for Mr Trump to win re-election

In comments that underscored his pro-business world view, Mr Bloomberg urged the party to unify behind a nominee who could beat Mr Trump – comments that were interpreted as an attack on the progressive policies of candidates such as senators Elizabeth Warren and Bernie Sanders, who have both announced they are running.

“We cannot allow the primary process to drag the party to an extreme that would diminish our chances in the general election and translate into ‘Four More Years’,” he said.

“I know what it takes to run a winning campaign, and every day when I read the news, I grow more frustrated by the incompetence in the Oval Office.

“I know we can do better as a country. And I believe I would defeat Donald Trump in a general election. But I am clear-eyed about the difficulty of winning the Democratic nomination in such a crowded field.”

Mr Bloomberg invested more than $100m to help Democrats in the 2018 midterm election. He is now expected to play an active role in the 2020 election from the outside, the Associated Press said. He said he would focus on combating climate change and addressing gun violence.

“Congress has not passed a major gun safety bill in nearly 25 years. Last week the Democratic House voted to approve a bill strengthening the background check system, but the Republican Senate is virtually guaranteed to block it,” he said.

“Nevertheless, thanks to strong grassroots efforts that we have spent years organising and mobilising, 20 states have passed stronger background check bills or adopted other laws that help keep guns out of the hands of dangerous people. But 20 states is not enough, and we can’t stop now given the risks to our country.”